15/03/2019 06:56:49

H+H Annual Report 2018

H+H Annual Report 2018

“Strong organic growth in combination with good performance in the acquired businesses was the basis for the strong result in 2018”, says CEO Michael T. Andersen. “We pursue further M&A opportunities in Central Europe as we see a need for market restructuring and H+H is in a unique situation to participate in such.”

Selected financial highlights for 2018


   Q4 2018

   Q4 2017

 Q1-Q4 2018

 Q1-Q4 2017

Organic growth30% 18% 
EBITDA before special items11061410242
EBIT margin before special items7%11%9%10%
ROIC *  10%16%
Financial gearing  1.31.9
Free cash flow **89-18236-61

* adjusted for “one-off” depreciations from purchase price allocation, impact of special items and impairment of fixed assets return on invested capital would have been 17%

** excluding acquisition of enterprises and related land, property and related deferred payments related hereto

Outlook for 2019

  • Revenue growth before acquisitions and measured in local currencies is expected to be around 7%.
  • EBITDA before special items is expected to be DKK 445-495 million.
  • EBIT before special items is expected to be DKK 270-320 million.
  • Investments excluding acquisitions and divestments are expected to be in the region of DKK 160 million including investments for establishing a CSU production line near Gdansk, Poland.

Investor teleconference

H+H International A/S will host an investor teleconference on 15 March 2018 at 11.00 a.m. CET.

Please see attached pdf for full version of the annual report for 2018.

Kent Arentoft                                           Michael T Andersen

Chairman of the Board of Directors          CEO


This document contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond the control of H+H International A/S, may cause actual developments and results to differ materially from the expectations expressed in this document. In no event shall H+H International A/S be liable for any direct, indirect or consequential damages or any other damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other action, arising out of or in connection with the use of information in this document.


H+H is a wall building materials provider. The core activity is production and sale of autoclaved aerated concrete (AAC or aircrete) and calcium silicate units (CSU or sand lime bricks). The products are building blocks used for wall building primarily in the residential new building segment. The product range also includes more advanced products such as high-insulating blocks, larger elements and a range of traded goods used for wall building. H+H has 28 factories in Northern and Central Europe and Northwest Russia with a total annual output of approximately four million cubic metres of wall building materials and a leading position in most of its markets. The Group has more than 1,600 employees. The business is cyclical and H+H is always pursuing organic growth and margin improvements. In addition, restructuring of the markets in Central Europe is on the strategic agenda.

The parent company H+H International A/S has its headquarter in Copenhagen, Denmark and the company is listed on Nasdaq Copenhagen.



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